Stocks in Asia wobbled ahead of key events from the Federal Reserve and the Bank of Japan that will help define the global rates trajectory. The MSCI Asia Pacific Index pared a 0.4% advance as benchmarks in Japan and Hong Kong came off session highs and Chinese equities fell. US stock futures slipped in Asian trading, after the S&P 500 and Nasdaq 100 indexes posted modest gains on further signs the Fed will cut interest rates. The moves point to a degree of caution ahead of Chair Jerome Powell’s speech Friday at the Jackson Hole economic symposium. US rate-cut wagers had built up in recent sessions, with the latest dovish signal coming from Fed minutes that showed several officials acknowledged a plausible case for cutting rates. Heading into the Jackson Hole event, “risk-taking may be capped for fears of any disappointment from the Fed chair,” said Jun Rong Yeap, a market strategist at IG Asia Pte. “Markets are in this waiting phase, with the US dollar seeking to stabilize from a recent sell-off.” A Bloomberg gauge of dollar’s strength advanced less than 0.1% after a recent bout of weakness. MSCI’s EM currency index fell for the second day. The yen was set for a fifth straight session of gains. BOJ Governor Kazuo Ueda will face intense market scrutiny on Friday when he speaks to lawmakers, after the central bank’s hawkish signals contributed to the global market turmoil earlier this month. US government debt was little changed in Asian trading after gains for short-dated Treasuries in the prior session sent two-year yields falling almost 10 basis points before paring the move. Traders were once again pricing in more than 1 percentage point worth of Fed easing by the end of 2024, starting next month. Elsewhere, Bank of Korea Governor Rhee Chang-yong said a few members were open to a rate cut in the next three months, after keeping borrowing costs steady. Xiaomi Corp.’s shares rallied more than 8% following better-than-expected second-quarter results, supporting a gauge of Chinese tech stocks. That followed a slew of mixed earnings from heavyweights including Alibaba Group Holding Ltd. A likely revision to US job growth added further evidence for traders to expect a September rate cut. The number of workers on payrolls will probably be revised down by 818,000 for the 12 months through March — or around 68,000 less each month — according to the Bureau of Labor Statistics’ preliminary benchmark revision. It was the largest downward revision since 2009. In commodities, oil edged lower as concerns about a US slowdown outweighed the lift from falling inventories. Gold also saw selling after trading near a record high Wednesday on the expectations of a Fed rate cut. US After Hours WOLF +10.5%, ZUO +5.2%, ZM +2.6%, A +1.8%, SNPS +1.3% higher on earnings; SNOW -8.1%, URBN -3.6% lower on earnings.
Nikkei +0.44% Hang Seng +0.66% CSI -0.10% Shanghai -0.11% Shenzen -0.55%
Eur$ 1.1143 CNH 7.1289 CNY 7.1325 JPY 145.10 GBP 1.3085 CHF 0.8513 RUB 91.5000 TRY 33.9269 WTI$ 71.75 -0.25% Gold 2,501 -0.43% BTC 60,730 -0.84% ETH 2,623 -0.30%
S&P -0.07% Nasdaq -0.06% EuroStoxx -0.12% FTSE -0.08% Dax -0.05% SMI -0.06%
Macro :
- Fed Minutes Show Several Saw Case for Cutting Rates in July
- Four Bodies Pulled From Mike Lynch Yacht That Sunk by Sicily
Keep an eye on :
Keep an eye on :
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- ALFEN NA : Alfen 1H Adjusted Ebitda Beats Estimates
- BAVA DC : Bavarian Nordic 2Q Revenue Beats Estimates
- BWLPG NO : BW LPG 2Q Net Income Beats Estimates
- CSRN3 BZ : Neoenergia Buys 6.37% of Cosern’s Capital Stock in Tender Offer
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- EVD GY : CTS Eventim 1H Revenue Beats Estimates
- DBK GY : Deutsche Bank Settled With Over 80 Plaintiffs in Postbank Case
- EQT SS : EQT Sold About 11m shares in Storytel
- EQT SS : EQT Sold About 11m shares in Storytel
- GALP PL : Portugal’s ENSE Says Gasoline Consumption Rose 3.5% in July
- GN DC : GN Store Nord 2Q Revenue Meets Estimates
- GUBBRA DC : Gubra Raises FY Outlook; Now Sees CRO Business Growth of 23-28%
- HAS LN : Hays FY Operating Profit Misses Estimates
- JD/ LN : JD Sports Sees Earnings Meeting Guidance
- KIN BB : Kinepolis 1H Revenue Misses Estimates
- KOG NO : Australia, Kongsberg to Build Long-Range Missiles in Newcastle
- KUD SW : Kudelski 1H Ebitda Loss $11.7M
- PARA US : Bronfman Raises Offer for Paramount Global to $6 Billion
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- ROCKB DC : Rockwool 2Q Ebitda Beats Estimates
- SFZN SW : Siegfried 1H Sales Beats Estimates
- STORYB SS : EQT Sold About 11m shares in Storytel
- SPSN SW : Swiss Prime Sees FY Vacancy Rate 3.8%, Saw Below 4%
- SREN SW : Swiss Re Profit Beats Estimates on Lower Catastrophe Claims
- TGYM IM : Glasenberg Now Technogym’s Third-Biggest Shareholder: Corriere
- TSLA US : Xiaomi Will Swallow EV Losses to Join Tesla in the Big Leagues
- UQA AV : Uniqa 1H Pretax Profit EU277.5M Vs. EU233.2M Y/y
- VLK NA : Van Lanschot Kempen 1H Underlying Profit EU78.4M Vs. EU54.7M Y/y
- DG FP : VINCI: VINCI Energies Buys the German Group Fernao
- WBD IM : Webuild Lane Unit Wins $466m Contract for Hudson River
- ZUGN SW : Zug Estates 1H Vacancy Rate 0.7%